Hybridan Small Cap Feast - 23 Nov 23

23rd November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

Hybridan Small Cap Feast 10/07/23

Joiners: No joiners today. Leavers: Xpediator Plc has left AIM. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Expected Admission 21 July 2023. Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in t

Hybridan Small Cap Feast 24/11/2022

Dish of the day Joiners: One Health Group plc (AQSE: OHGR), joins the Apex segment of the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. Market Cap on admission £15.05m. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act

Hybridan Small Cap Feast 15-09-2021

Joiners No joiners today. Leavers No leavers today. What’s cooking in the IPO kitchen? Peel Hunt, a UK mid and small-cap specialist investment bank, announces its intention to seek admission of its ordinary shares to trading on AIM. Admission is expected to take place on or around 29 September. In conjunction with a placing of Ordinary Shares the Company will be conducting an intermediaries offer. Oxford Nanopore Tech—expected intention to float on the LSE (Standard). The company behind a

Small Cap Feast

Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seek

Small Cap Breakfast

GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | FFI Holdings— Specialist in the provision of completion contracts to the enterta

Small Cap Breakfast

Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’. Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying

Small Cap Breakfast

Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA

AIM Breakfast

CITYFIBRE INFRASTRUCTURE HLDGS PLC (CFHL LN) | CORETX HLDGS PLC (COR LN), HORNBY PLC (HRN LN) | HURRICANE ENERGY PLC (HUR LN) | MINOAN GROUP (MIN LN) | RANDALL & QUILTER INVT HLDGS LTD (RQIH LN) | RICHOUX GROUP PLC (RIC LN) | YOLO LEISURE & TECHNOLOGY PLC (YOLO LN)

What we do in life Eckoh's in eternity, Avanti reaches for the sky, Platform change for Hornby, Mariana glitters

AVN Financing, BLU Timeline and Results, ECK Contract Wins, FITB Placing, Subscription and Convertible Loan Note, HRN Admission to AIM, MARL Estimate, MMH Interim Results, MXO Mexico Update, NET Contract Win, PLI Q2 Results and Highlights, SVR Contract Win, TRCS Trading Update, UNG Launch, VENN Trading Update

AFC Energy (AFC LN) - First modular ammonia cracker system

AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c

Spectra Systems - Today's deal powers polymer banknotes and provides a big earnings lift

This morning's announcement that SPSY is to acquire Cartor Holdings provides the company with significant new firepower as it embarks on lucrative central bank currency bids with its powerful and innovative polymer banknote technology. Cartor is a global market leader in security printing with manufacturing sites in the UK and France, supplying a range of printed security products which are highly complementary with SPSY's core portfolio, and offering significantly enhanced capabilities in rela

CAP-XX - Tax rebate received and JV signed

CAP-XX has announced the Australian Taxation Office has approved the FY23 R&D grant and associated rebate of A$2.1m. The net proceeds of A$1.0m, after repaying the principal and interest associated with the revolving line of credit drawdown, were received by CAP-XX last week.

Solid State - Strong interim results – trading in line with FY24 expectations

The group delivered a strong set of interims, boosted by a full contribution from Custom Power (CP) and its large military contract delivery. Organic growth was over 35%, with an improvement in underlying margins, albeit with the margin mix diluted by the military contract delivered. As flagged, H1 order intake saw some customer destocking, although there may be some early signs this could be abating. Even so trading remains resilient. The outlook points to trading in line with recently upgraded

Gooch & Housego - FY23 results in-line with expectations, better cash flow

FY23 results are in-line with expectations, showing growth from strong underlying demand, coupled with improved operational delivery. Growth was seen in all three divisions. Trading is in-line with the recent upgraded FY24 forecasts. Prospects are underwritten by a strong order book and boosted by the recent acquisitions of Artemis and GS Optics, albeit with some customer destocking by certain industrial customers, offset by robust demand in growth areas. Self-help measures and the new CEO’s str

Solid State - Returning to trend growth

Solid State has confirmed the strong H124 performance, boosted by a full period contribution from Custom Power combined with the benefit of delivering the NATO contract. Despite the continuing challenges we expect organic growth to resume from the lower trend level of profit excluding the NATO uplift from H224. Following the recent 5% uplift for both revenue and PBT, FY24 guidance and market consensus estimates are unchanged.

Morning Note – 5 December 2023

Solid State - nterim results illustrate a strong trading performance; on track for the full year

Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has released interim results to 30 September 2023, illustrating strong growth at both the revenue and PBT levels, with the Board reaffirming confidence in meeting full year expectations. H1 2024 revenue increased by 48% to £88.1m, driven in part by a £23.4m contribution from specific contracts within defence and security, with adjusted PBT

Morning Note – 7 December 2023

Byotrol - H1 2024 interims: Forecasts reinstated

Byotrol’s interim results were in-line with the recent trading update and, as such, we reiterate our FY 2024 forecasts. Group revenues for the period were down by 9% to £2.0m, however, product sales (excluding IP related royalty income) were flat YoY. Encouragingly, professional product sales increased by 8% to £1.8m and the company delivered an improvement in underlying gross margin to 44.5% (vs FY 2023 42.6%) supported by rebalancing the portfolio towards higher margin products in animal and h

LIBERUM: Frontier Developments: Back to basics

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Initial Equity Trading Comments - 1 December 2023

PROGRESSIVE: Watkin Jones: FY23E outlook dips slightly; FY24E unchanged

Watkin Jones’s FY23E year-end trading update is broadly in line with our expectations, albeit with slightly higher costs than previously signalled but significantly better net cash and no change to the remedial works provision. Encouragingly, guidance for FY24E is unchanged, with progress in forward sales of student and private assets to institutional investors. Data from both student and private rental markets continues to show huge under-supply.

Morning Note – 7 November 2023